08:33 ET<\/span><\/span><\/p>\nBank of America (BoA) has posted its biggest quarterly loss after agreeing an $8.5bn (\u00a35.2bn) settlement related to sub-prime mortgages.<\/p>\n
The US’s largest bank made a loss of $8.8bn in the three months to the end of June, lower than analysts had expected.<\/p>\n
Included in the losses are payments to investors and insurers, and charges for future claims over home loans.<\/p>\n
The bank’s revenues for the quarter were $13.2bn, down 55% from a year ago.<\/p>\n
On 29 June, BoA announced it would take a series of one-off charges after private investors demanded the bank repurchase toxic home loans held in mortgage-backed securities.<\/p>\n
The investors claimed BoA’s home loans division used misleading information when it sold mortgage-backed securities that later defaulted during the global financial crisis.<\/p>\n
Excluding the charges, analysts said the BoA’s core operations were making progress.<\/p>\n
“At least they’re making progress. Their losses do continue to come down, away from mortgages,” said Brian Charles, analyst at RW Pressprich.<\/p>\n<\/div>\n
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